About Enterprise Risk Management

Enterprise risk management (ERM) is a holistic approach designed to identify, assess, and manage potential high-impact risks that could impact the achievement of the university's strategic objectives. This process considers various types of risks, including strategic, operational, financial, technological, and reputational risks. ERM, in collaboration with Audit and Compliance, promotes an efficient, structured and systematic approach to risk management across the university. 

The University Risk Management Committee (URMC), established by the Senior Vice President and Chief Financial Officer and composed of senior university officials representing key academic, research, medical, and business units, reports to the President’s Cabinet and is tasked with overseeing the ERM process. The primary purpose of the Committee is to proactively manage these high-impact risks through identification, assessment, implementation of mitigation strategies, and regular review and monitoring. The Committee is responsible for ensuring that the university's risk management processes are aligned with its strategic goals and that appropriate mitigation strategies are implemented. The Committee meets regularly to discuss and update the university's risk inventory, prioritize top-tier risks, and ensure the integrity and effectiveness of ERM practices. The URMC demonstrates the university’s commitment to utilizing risk management as a strategic tool to achieve its goals and advance its mission.